JPMorgan Expands Cash Management for USPS
JPMorgan has expanded its cash management relationship with the US Postal Service (USPS) by providing cash and cheque depository services to 24 of the USPS’ 80 districts. JPMorgan is helping USPS more easily manage its cash flow, receive same day credit for deposits and eliminate idle cash balances. USPS has centralised a significant portion of the postal service’s account structure via the bank’s extensive nationwide Cash Vault Service (CVS) and a daily concentration of funds to USPS’ main treasury management account. Services are being expanded to support more than 7,300 USPS retail locations across twelve states.
“The USPS cash collection and concentration system is one of the largest and most complex in the world,” said Robert Pedersen, treasurer at USPS. “By consolidating our cash management service, we have greater insight into our daily working capital and have improved cash forecasting capabilities.”